21st Century Business Herald Reporter Yan Shuo

In recent days, several announcements from eDiagnosis have captured the attention of the capital market.

One is a warning announcement regarding the risk of delisting. On the evening of March 22, eDiagnosis revised its previously expected net profit attributable to shareholders from 12 million to 18 million yuan to a net loss of 15 million to 25 million yuan. The loss of net profit excluding non-recurring items further expanded to 100 million to 140 million yuan, and the revenue indicators triggered the delisting risk warning conditions. The next day, eDiagnosis's stock price hit the daily limit down, closing at 16.61 yuan per share, a decrease of 10.02% from the previous trading day.

Another announcement was regarding share repurchase. On the evening of March 23, the company announced that it plans to use 100 million to 200 million yuan of its own or raised funds to repurchase shares at a price not exceeding 28 yuan per share, aimed at maintaining the company's value and shareholder rights. On March 24, the company's stock price opened slightly lower but quickly surged. However, under the pressure of delisting risk expectations, the intraday gains rapidly narrowed, ultimately fluctuating upward, with a closing price of 17.27 yuan per share, an increase of 3.97%.

As a well-established company in the domestic in vitro diagnostics (IVD) field, eDiagnosis once achieved explosive performance through its COVID-19 testing products, but is now facing multiple dilemmas such as performance reversal and high delisting risk. In recent years, the company has also been actively exploring new growth points, on one hand, promoting technological iteration and product upgrades; on the other hand, actively seeking investment and acquisition opportunities, having recently acquired two companies in succession.

Industry insiders believe that eDiagnosis's capital actions such as acquisitions and this repurchase are attempts to respond to the current crisis, reflecting the survival challenges faced by small and medium-sized IVD companies during the industry's transformation period. How to alleviate performance pressure and find new growth curves has become an urgent issue for eDiagnosis to address.

On January 31, 2026, eDiagnosis disclosed its first performance forecast for the fiscal year 2025, expecting a net profit attributable to shareholders of 12 million to 18 million yuan. Although this represents a significant decline compared to previous years, it still maintains a profitable status.

However, just two months later, the company issued a performance revision announcement, turning from profit to loss, with core financial indicators weakening across the board. The announcement indicated a total loss of 50 million to 75 million yuan, a net profit loss of 100 million to 140 million yuan after deducting non-recurring gains and losses, basic earnings per share loss of 0.07 yuan to 0.11 yuan, and expected operating revenue of 250 million to 310 million yuan.

Regarding the reasons for the performance revision, the company explained it as a prudent adjustment following the advancement of the audit work, as there was significant uncertainty regarding the collection of accounts receivable from certain transactions, leading to a corresponding reduction in revenue and net profit.

Behind this explanation lies the long-standing issue of accounts receivable management within the company. As early as in the 2023 and 2024 annual reports, the company explicitly mentioned difficulties in collection from end customers, increased credit risk, and provisions for bad debts for certain high-risk customers. In June 2025, in response to investor questions, the company stated that it attaches great importance to accounts receivable recovery work and is actively pursuing collections through various means, having made some progress. However, it appears that this issue has not been fully resolved by 2025, becoming a direct trigger for the downward revision of performance From a deeper perspective, the decline in eDiagnosis's performance is a result of the development cycle of the IVD industry and policy adjustments. eDiagnosis once achieved rapid growth in performance through its COVID-19 nucleic acid testing reagents. In 2020, its COVID-19 testing products became the first in the country to adopt a premixed design among similar products, and in 2021, the supporting PCR instrument was approved, further consolidating its market position.

The financial report shows that from 2020 to 2022, eDiagnosis's performance continued to rise significantly, with revenues of 959 million yuan, 2.83 billion yuan, and 10.53 billion yuan, representing year-on-year growth of 429.43%, 195.05%, and 272.12%, respectively; the net profit attributable to the parent company was 469 million yuan, 1.413 billion yuan, and 4.208 billion yuan, with year-on-year growth of 1029.24%, 201.37%, and 197.79%.

With the adjustment of global infectious disease prevention and control policies, the demand for public health-related testing products has significantly decreased, leading the company's performance to return to normal.

eDiagnosis pointed out in its 2024 financial report that the high depreciation costs after capacity expansion, along with inventory and fixed asset impairment provisions, further compressed profit margins.

The financial report indicates that in 2023, the company's revenue plummeted by 92.88% to 750 million yuan, and in 2024, it continued to decline sharply, down 53.30% year-on-year to 350 million yuan, with the net profit attributable to the parent company also declining. In the first three quarters of 2025, the company achieved revenue of 227 million yuan, a slight year-on-year increase of 0.53%; however, the net profit attributable to the parent company fell sharply by 83.30%. Following this performance correction, the company is expected to turn from profit to loss for the entire year of 2025, with its performance under continued pressure.

The direct consequence of the "performance reversal" is that the company faces severe delisting risks. According to relevant regulations, if a listed company's audited total profit, net profit, and net profit after deducting non-recurring gains and losses are all negative for the most recent accounting year, and the deducted operating revenue is below 300 million yuan, it will be subject to delisting risk warnings.

eDiagnosis has preliminarily estimated that the operating revenue after deductions for 2025 is expected to be between 237 million yuan and 297 million yuan, with all three profit indicators being negative, thus triggering delisting warning conditions. If the final audited data for the 2025 annual report meets the relevant conditions, the company's stock will be marked with "*ST". "Currently, the company's production and operations are normal," eDiagnosis stated.

Under multiple pressures such as performance pressure and approaching delisting risks, eDiagnosis has launched a share repurchase plan in an attempt to convey development confidence through capital actions.

According to the announcement, eDiagnosis's repurchase price will not exceed 28 yuan per share. Based on a maximum repurchase fund of 200 million yuan, it is expected to repurchase 7.1429 million shares, accounting for approximately 3.07% of the total share capital; based on a minimum of 100 million yuan, it can repurchase 3.5714 million shares, accounting for approximately 1.54% of the total share capital.

The source of the repurchase funds will be from its own or self-raised funds. Based on the financial data as of September 30, 2025, the upper limit of the repurchase funds of 200 million yuan accounts for 3.28%, 3.60%, and 4.21% of the company's total assets, net assets attributable to shareholders of the listed company, and current assets, respectively The company stated that this repurchase will not have a significant impact on operations, research and development, or debt fulfillment. As a result of this news, on March 24, eDiagnosis's stock price rose by 3.97%.

It is worth noting that, in addition to this warning of delisting risk, the company's recent two acquisitions have also attracted industry attention. In January 2026, the company decided to acquire 51% of the equity of Lanyi (Hunan) Medical Equipment Co., Ltd. held by Lanyi Technology Group Co., Ltd. for cash of 35.701 million yuan through capital increase and equity acquisition, bringing it into the scope of consolidated financial statements. The first phase of the acquisition has been completed, and both parties have previously agreed to further acquire the remaining equity upon meeting relevant preconditions.

In December 2025, eDiagnosis announced that it plans to acquire 100% of the equity of Wuhan Bikaier Rescue Supplies Co., Ltd. held by Lanfan Medical Co., Ltd. in cash. After the transaction is completed, the target company will become its wholly-owned subsidiary, and this transaction is expected to constitute a significant asset restructuring. Currently, both parties have not yet signed a formal agreement.

The recent acquisitions have raised questions among investors: the company has been in a serious state of net asset deficit for two consecutive years, and both acquisitions focus on the fiercely competitive IVD red ocean market, making it difficult to truly enhance the company's intrinsic value. In response, eDiagnosis stated that its acquisitions are centered around synergy with its main business and enhancing core competitiveness, aiming to solidify its main business and increase intrinsic value. The selection of targets focuses on complementary industrial chains, aiming to further enhance the company's comprehensive service capabilities.

Regarding its acquisition strategy, eDiagnosis previously stated in 2025 during an investor Q&A that the company focuses on its existing core technological advantages and explores new growth points from two aspects: on one hand, increasing R&D investment in areas such as in vitro diagnostic reagents and high-end medical equipment to promote technological iteration and product upgrades; on the other hand, actively evaluating investment and acquisition opportunities that align with its strategic direction, with a focus on technologies and market resources that can create synergies with existing businesses to enhance market share.

Overall, the performance dividends brought about by public health events are fading, coupled with prominent issues of accounts receivable and asset impairment, the effectiveness of the repurchase and acquisitions launched by eDiagnosis will still require time to verify.

For the capital market, the resolution of eDiagnosis's delisting risk is a key short-term focus, while the recovery of the company's main business and the cultivation of new growth points are crucial for long-term value